Argentina's economic crisis scalps another victim, economy minister resigns


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Argentina's economic crisis scalps another victim, economy minister resigns

Nicolas Dujovne, who was Argentina’s economy minister has stepped down from his position, according to a BBC report. Dujovne’s resignation comes in the wake of the defeat of the Argentinian president Mauricio Macri in a primary poll conducted on 11th August.

In a letter addressed to Macri, Dujovne outlined, “I believe my resignation is in keeping with my place in a government that listens to the people and acts accordingly”. Reportedly, in the letter, Dujovne also said that the Argentinian government needed “significant renewal” in terms of its team handling the economic revival.

He is also said to have stated that he had given his all towards the endeavour. Hernan Lacunza who is helming the economic ministry for Buenos Aires will be Dujovne’s successor. Macri was elected in 2015. His pre-election promise focused on economic reforms.

In the primary poll, Macri lost to Alberto Fernández, his primary rival with far-left leanings. Meanwhile, the country’s fiscal problems have spilt over after Macri’s defeat in the primary poll, the country’s currency.

The Peso also lost around 20 per cent of its value. Fitch and Standard and Poor’s downgraded Argentina’s debt rating. This has added to the turmoil since Argentina is already reeling under 22 per cent inflation for the first half of 2019.